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As I write this the A.N.A. show is still ongoing. Preliminary reports are that public attendance has been lower than expected and that activity on the bourse has been slow in most areas except key dates. In the Heritage auction for example, out of 3,502 lots - 805 lots or almost 25% did not sell.
The numismatic press has been full of glowing reports for recent auctions, listing record after record. But the majority of these recent auctions have been collections of rarities, not the bread and butter coins of coin collecting. With common date coins in grades of MS65 and less many dealers are taking a pass on offers citing already full inventories. And fewer and fewer highly desirable coins are coming onto the market. It almost seems as if everyone who wished to sell has already sold. Even my tracking of world coins being offered on eBay has greatly slowed down. And prices have softened significantly. Now perhaps some of this can be attributed to the "summer doldrums" in the coin market with which many are familiar. But it appears to me that the bullish cycle of the coin market we have experienced in the past few years has run its course.
That's about it for now - I hope you enjoy this as well as future issues of - The Tarnished Truth.
|Doug Prather, editor|
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